November 1 (Renewables Now) - US residential solar and battery storage company Sunnova Energy International Inc (NYSE:NOVA) reported higher revenues and EBITDA for the third quarter of 2019 as a result of an increase in the number of customers served.
The company’s net loss, however, widened to USD 34.4 million (EUR 30.8m) in the quarter and USD 119.7 million in the first nine months of 2019 as costs also grew. Higher realised and unrealised net losses on interest rate swaps also weighed on the bottom line result.
Sunnova had 72,600 customers as of September 30, 2019, up by 15,600 from a year earlier. The table contains more details on the company’s performance this year and its forecast for 2019 and 2020.
|Results in USD||Q3 2019||Q3 2018||9-mo 2019||9-mo 2018||2019 forecast||2020 forecast|
|Total operating expense||42.5m||27m||111.1m||80.5m||N/A||N/A|
|Customer principal payments from solar loans (net of amounts recorded in revenue)||4.3m||1.7m||13m||5.1m||17m - 18m||30m - 35m|
|Customer interest payments from solar loans||3.1m||1.7m||8.2m||4.2m||12m - 13m||15m - 20m|
|Adjusted EBITDA||15.9m||15.3m||37.5m||33.1m||47m - 49m||55m - 60m|
|Net profit (loss)||(34.4)m||(6.6)m||(119.7)m||(29.3)m||N/A||N/A|
|Adjusted operating cash flow||1.6m||(1.3)m||(18.4)m||(13.5)m||(2)m to 1m||5m to 15m|
“With our dealer model driving strong growth, our existing and future customers positioned to generate recurring long-term cash flows, our focus on providing those customers service for many years to come, our ability to generate cash from financing activities and our continued attention to containing costs, we believe we are well positioned for 2020 and beyond,” said CEO William Berger.
(USD 1 = EUR 0.9)